Singapore Stock Market Updates on 04/11/09

Morning Highlights

Singapore shares are recovering from yesterday’s losses, with the STI opens up 0.45% at 2633.31. There is a good support at 2617.88

With the economy healing, China Huaneng – the new owner of Tuas Power – has decided to go ahead with building a $2 billion clean coal/ biomass cogeneration plant on Jurong Island. (Business Times)

Most U.S. stocks rose after Warren Buffett agreed to buy Burlington Northern Santa Fe Corp. and Stanley Works said it will take over Black & Decker Corp, while technology shares fell on an analyst downgrade of chipmakers.

Burlington Northern surged 28% after Buffett made what he called an “all-in wager” on the nation’s economy. Black & Decker rallied 31%, the most since at least 1980. Energy and raw-materials producers increased as oil advanced and gold climbed to a record. Intel Corp led the Dow Jones Industrial Average lower as Morgan Stanley reduced its rating on U.S. semiconductor stocks to “cautious.” (Bloomberg)

Gold miners were outperforming again, after spot gold rallied to a record high of $1,089.10 per troy ounce in late New York trade Tuesday, helped by news of the Indian central bank’s purchase of gold from the International Monetary Fund. Spot gold was last at $1,080.95 per troy ounce, down $3.35 from the New York close.

Corporate Announcement

Cosco Corp announced a 3Q09 net profit of $22.3mn, a drop of 80% year-on-year. The company expects earnings for the whole of FY2009 to be substantially lower than FY2008.

Ezra’s wholly-owned subsidiary, Ezra Energy Services Pte Ltdhas acquired 90% of Intrepid Global Pte Ltd for a cash consideration of $180,000 and non-cash consideration of 1.5mn fully-paid up shares of Ezra currently held as treasury shares.

News Updates

• Berkshire Hathaway buying out rest of Burlington Northern Santa Fe at price of $100/share‏
• U.S. stocks cede Monday gains as worries over financials eclipse M&A‏
• U.S. factory orders increase for fifth month in six, rising stronger-than-forecast 0.9%
• GM’s October sales rise 4.7%, Ford’s rise 2.6%; Chrysler’s sales fall 30%
• GM board votes to keep Opel, plans to restructure European operations: reports‏

Quick Picks: Here is a quick pick screen that we have designed to pick out potential stocks, both Bullish and Bearish. These are measured with emphasis on larger changes in price and volume. 

Bullish Stocks (Singapore)

Bearish Stocks (Singapore)

Stock Prices last updated at 9:30 (Singapore Time)

Here’s Our Mid Term Holding Opportunities for property shares.

1. Allgreen Properties – Buy at 1.21, Stop Loss at 1.04
2. City Development – Buy at 10.50, Stop Loss at 9.55
3. Wing Tai Holdings – Buy at 1.75, Stop Loss at 1.55
4. Ezra – Buy at 2.08, Stop Loss at 1.66
5. Lookout for Keppel Corp